Lendingkart partners with Bank of India to expand financial inclusion for MSMEs

●        Lendingkart can sanction INR 250 crores with 1-10 Lakhs under Mudra loan

●        Partnership to enable Lendingkart portfolio to grow manifold

Lendingkart Technologies, India’s leading fintech platform, today announced that it has entered into co-lending agreement with Bank of India. The strategic partnership will enable additional disbursement of loans and help cater to the increasing demand from the MSMEs in the eco-system. The partnership will enable last-mile finance to 5000+ customers and drive financial inclusion with swift and collateral-free loans to eligible MSMEs with disbursal of up to INR 250 crore with 1-10 lakhs under Mudra loan.

With its technology platform “2gthr”, Lendingkart aims to provide end-to-end assistance to the MSMEs with quicker turnaround time. The partnership will enable Bank of India to leverage Lendingkart’s technological capabilities with the assistance of platforms such as ‘Xlr8’ for Zero touch and ‘Cred8’ for underwriting business loan applications using cash-flow based assessment. Similarly, Lendingkart will gain access to the Bank of India’s liquidity to support its vision of financial inclusion.

Commenting on the partnership, Mr. Harshvardhan Lunia, CEO & Founder at Lendingkart said, “We are glad to partner with Bank of India in our journey towards empowering MSMEs and addressing the financial gaps in this sector. Lendingkart has presence in 4000+ cities and continues to be reaching out to MSMEs to extend support for working capital loans enabling them to thrive and contribute towards making “Aatmanirbhar Bharat”. We are certain that this partnership will aid lakhs of MSMEs in India and establish them as entrepreneurs to bring the required change in our country. Our growing partner base comprising of marquee banks and co-lenders are enabling us to take a step forward towards realizing our aspiration of strengthening MSMEs through an effective collaboration”

Lendingkart has been at the forefront in leveraging various digital tools such as video KYC, participating with India stack, e-NACH, e-sign, and others. This has tremendously enhanced Lendingkart’s capability to deliver their offering to the remotest locations in the country. Lendingkart extends its services pan India with no branch presence. It is supported by a world-class technology infrastructure that allows zero physical touchpoints, customer-centric and transparent loan process for borrowers as well as lending partners. Lendingkart’s underwriting model is not limited to a traditional financial basis, and instead adopts a holistic approach of evaluating alternate customer data e.g., bank data and GST data to estimate the customer creditworthiness. The underwriting is based on its proprietary machine-learning model working on close to 5,000+ variables for each loan, which has resulted in strong portfolio performance.

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